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Jul 24, 2010
07/10
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KQEH
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in 2000 when we first discovered by madoff, i was fantasticed by my bosss to compete with madoff. i knew it was clearly impossible. it wasn't fair. it's hard to compete against somebody who types his numbers into a computer every month and they're all false returns. you can't compete with perfection. for the first 2 1/2 years, he was definitely a competitor, actually for the first four years. after i left the industry in august of 2004, after that, it was because it was important to us to stop him. >> so your boss comes to you, here is how this story really begins as you said a moment ago. your boss comes to you, wants you to compete with bernie madoff because he can't figure out how bernie is making money that y'all ain't making. he wants you to compete and beat bernie madoff. you dig into how well he is to figure out that you can't compete with this guy because he is cheating? >> that took about five minutes. i read his strategy description. just from the holes in that description, it appeared that madoff would only have to pick stocks that went up or stayed the sales. he couldn
in 2000 when we first discovered by madoff, i was fantasticed by my bosss to compete with madoff. i knew it was clearly impossible. it wasn't fair. it's hard to compete against somebody who types his numbers into a computer every month and they're all false returns. you can't compete with perfection. for the first 2 1/2 years, he was definitely a competitor, actually for the first four years. after i left the industry in august of 2004, after that, it was because it was important to us to stop...
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101
Jul 21, 2010
07/10
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CSPAN
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eye 101
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many people have mentioned the madoff case. i should point out that that should have been detected in the first 50 minutes of preeti. the first -- review. the first thing that should happen is to look at the auditors' report. that would raise the issue, is the auditor large enough to do the audit? madoff would have been detected in 50 minutes if that question would have been asked. i hope some financial statements be reviewed by broker-dealers investment advisers, etc. and that should include the most basic question that is, who is the auditor? are they qualified to do the audit? i want to focus on credit rating agencies. the chairman has excellent language that will be assigned a tomorrow. it may not bryan -- be effective immediately. they really do not have the fed until the sec takes action. the first of these is to make sure it the agencies are fair. right now have a circumstance where bonds of corporate issuers get one set of grades. i think there are misled into the the corporate our butter. when an issuer defaults its re
many people have mentioned the madoff case. i should point out that that should have been detected in the first 50 minutes of preeti. the first -- review. the first thing that should happen is to look at the auditors' report. that would raise the issue, is the auditor large enough to do the audit? madoff would have been detected in 50 minutes if that question would have been asked. i hope some financial statements be reviewed by broker-dealers investment advisers, etc. and that should include...
230
230
Jul 30, 2010
07/10
by
KPIX
tv
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just like bernie madoff did, scammers target members of their own ethnic group. >> one of the hooks of these scams is to build trust. i'm like you, trust me. and i have an opportunity that our people have been denied in the past. >> reporter: the scheme collapsed in october of 2008 when the economy tanked. and investors scrambled to get their money out. >> a lot of it was just being wired offshore. >> reporter: the sec says peter son used some money to buy a mansion but most of it was wired offshore and may be unrecoverable. so for now the victims are focused on justice. son pled guilty to two federal charges and is about to be sentenced but his victims are worried his sentence won't come close to madoff's 150 years. >> we are people without power and no money. >> reporter: peter son will go before a federal judge in oakland tomorrow for sentencing. he faces a maximum sentence of 40 years. as for jim chung, he is not in custody and the feds think he skipped the country. >> wow. all that brochures and stuff smoke and mirrors. 36% return? that had to be a red flag. there had to be other
just like bernie madoff did, scammers target members of their own ethnic group. >> one of the hooks of these scams is to build trust. i'm like you, trust me. and i have an opportunity that our people have been denied in the past. >> reporter: the scheme collapsed in october of 2008 when the economy tanked. and investors scrambled to get their money out. >> a lot of it was just being wired offshore. >> reporter: the sec says peter son used some money to buy a mansion but...
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Jul 31, 2010
07/10
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KPIX
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. >> this is not the madoffs. as far as the investors are concerned, of course very moving. peter is moved. he is devastated. >> before sentencing, mr. son apologized to his victims. the prosecutors say about 500 victims most of them here in the bay area lost at least $60 million in the fraud. another suspect has not been captured. he is believed to be hiding in korea. >>> we are getting a look at what happened when the chp nabbed an nba player for speeding in citrus heights. today the patrol released this aerial video of sacramento kings player tyreke evans driving his mercedes on highway 80 may 31. officers say he was going anywhere from 120 to 130 miles an hour. officers eventually caught evans and arrested him. he pleaded no contest to reckless driving. >> he made a mistake and he said that before. >> that's crazy driving. i think he should get punished big time. >> now, earlier this week, a judge imposed a 30-day driving ban on evans. another speeding car which appeared to be racing evans is also seen on that tape, but that driver was never caught and racing charges wer
. >> this is not the madoffs. as far as the investors are concerned, of course very moving. peter is moved. he is devastated. >> before sentencing, mr. son apologized to his victims. the prosecutors say about 500 victims most of them here in the bay area lost at least $60 million in the fraud. another suspect has not been captured. he is believed to be hiding in korea. >>> we are getting a look at what happened when the chp nabbed an nba player for speeding in citrus...
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Jul 27, 2010
07/10
by
KRON
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. >> lost in the party made off ponzi scheme of berni madoff and with sharing the wealth of investors that were cheated out. and with the closest associates and the court appointed that two-three people were really making out. and those people will be sought out. >> and with the stocks, it was up 100 points to close at over 10,500. and the nasdaq is almost closing at just shy of 2300. and the s and p was up at over 12 lbs.points. >> and now, when producer kimberly sakamoto. >> the royal family is hosting a new, old images ranging from a wedding photograph with queen victoria, and with the recent you thu.s. visits, and when she recently visited new york city, the united nations, and later placed that wreath at ground zero. and her own set of photos, and the latest news, royal events and buckingham palace has already said the twitter profile. and the you tube account just a few years ago. if you'd like to check that out? for yourself? www.kron.com what's on the web with kimberlee sakamoto. ♪ ♪ hey, at&t u-verse tv? yeah, it's our new tv service. every day thousands of customers acro
. >> lost in the party made off ponzi scheme of berni madoff and with sharing the wealth of investors that were cheated out. and with the closest associates and the court appointed that two-three people were really making out. and those people will be sought out. >> and with the stocks, it was up 100 points to close at over 10,500. and the nasdaq is almost closing at just shy of 2300. and the s and p was up at over 12 lbs.points. >> and now, when producer kimberly sakamoto....
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Jul 19, 2010
07/10
by
KQED
tv
eye 210
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needed shock and awe, it was laid low after the madoff debacle, they needed to go out and kneecap someone. they took on the biggest. if you're going to do it would you go after b of a or citi, some players laid low by tarp? no, you go after goldman from the signaling perspective. take the obverse of that, what happens come christmas time and you are sitting at the sorkin dinner and brisket is being served and is your mom going to bring up goldman sachs? no. goldman sachs is no longer going to be a household bete noir and that's the big catalyst, they get taken off the agenda, the newswires for the time being. >> charlie: do you think that the s.e.c. took this settlement, this $500 million simply because they didn't have confidence in their case and thought a settlement achieves as much as we can hope to get? >> i have no doubt. i don't see how this legerdemain would have been explained to a jury when goldman sachs could have hired some of the most expensive billable hours in the country. >> charlie: why did they do it? >> it's not worth getting tracked in the mud anymore because earnings
needed shock and awe, it was laid low after the madoff debacle, they needed to go out and kneecap someone. they took on the biggest. if you're going to do it would you go after b of a or citi, some players laid low by tarp? no, you go after goldman from the signaling perspective. take the obverse of that, what happens come christmas time and you are sitting at the sorkin dinner and brisket is being served and is your mom going to bring up goldman sachs? no. goldman sachs is no longer going to...
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332
Jul 15, 2010
07/10
by
CSPAN
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eye 332
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we cannot have any more bernie madoffs making money out of our hard-earned dollars. host: tennessee, lacy, democrats line. caller: i would just like to address the middle class and the port. -- poor. what's -- what can the republicans do? have you listened to their proposals like raising social security age on people and things like that? i am 66 years old and i can remember harry truman's time vaguely, then they got eisenhower in there and for a couple of years things were not so bad and then a recession. wh little few commodities gave dabbled out, some of us start to death until kennedy got in there. host: on your concern about the middle class and the poor. guest: item with you on that, especially when you speak about social security -- i am with you on that. i wish that you can tell me talk to young people so they understand how you feel about social security. young americans are sold a lie, telling them it will not be there for them when they become older and move on to retirement. for the next 30 years, social security is probably the sound is program we had in
we cannot have any more bernie madoffs making money out of our hard-earned dollars. host: tennessee, lacy, democrats line. caller: i would just like to address the middle class and the port. -- poor. what's -- what can the republicans do? have you listened to their proposals like raising social security age on people and things like that? i am 66 years old and i can remember harry truman's time vaguely, then they got eisenhower in there and for a couple of years things were not so bad and then...
723
723
Jul 20, 2010
07/10
by
KNTV
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. >> his name is bernard madoff, and i was fascinated by the fact that bernie madoff was a pillar of a man respected by everyone, the person you wanted to give your money to. he gave away millions to charity through his charitable foundation. and underneath it all, he was a thief. a criminal. one of the biggest thieves in history, arguably, and so that dichotomy, that split, how a person can go through life like that -- behind a great fortune there's a great crime. >> he served as the inspiration for my have i lynn t. >> called st. martin by a lot of people who love him. and finally, you have threatened your marriage with this book. you admit, ladies and gentlemen of the jury, he admits that in writing his heroine in this book, a woman by the name of zoe reid, that you fell in love with her. >> i did. >> a -- she's a work of fiction, like your rembrandt. >> not to me, though. to me she is a part of our family for six months to a year. she is a hotshot british investigative reporter. she makes mincemeat out of corrupt businessmen. but zoe has a secret of her own that she's keeping fro
. >> his name is bernard madoff, and i was fascinated by the fact that bernie madoff was a pillar of a man respected by everyone, the person you wanted to give your money to. he gave away millions to charity through his charitable foundation. and underneath it all, he was a thief. a criminal. one of the biggest thieves in history, arguably, and so that dichotomy, that split, how a person can go through life like that -- behind a great fortune there's a great crime. >> he served as...
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251
Jul 4, 2010
07/10
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CSPAN
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eye 251
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caller: i understand what is going on, but the same thing happens with the madoff ponzi scheme, with 9/11. we are not focusing on because of the problem. the government is the cause of the problem. you should be investigating how this actually happened, not the aftereffects. we know the disaster. we know the oil spill. basically, we have different branches of government, and the media is the fourth branch of government. you guys are covering up the cause of this problem so it does not happen again. what can we not just focus on what caused the accident? who prevented states from helping clean this thing up one of very first happened? it prevented us from letting this oil even hit the shore lines? this is the aftermath of it all. this is the same thing that happened with nuclear power in this country, with three mile island. that shut down that system. we are doing the same thing with this oil. you are using it to your advantage -- host: mr. harrison? guest: the caller has a good point. we left -- we, the nation -- so we could keep oil and gas prices down. that is all of us. i have ye
caller: i understand what is going on, but the same thing happens with the madoff ponzi scheme, with 9/11. we are not focusing on because of the problem. the government is the cause of the problem. you should be investigating how this actually happened, not the aftereffects. we know the disaster. we know the oil spill. basically, we have different branches of government, and the media is the fourth branch of government. you guys are covering up the cause of this problem so it does not happen...
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Jul 3, 2010
07/10
by
CSPAN
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eye 136
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this is the kind of accounting that could make bernie madoff blush. here we are, members of the united states senate and house, getting ready to pass this. i do not understnd it. it is still a tax. it is a tax that all of them is going to lead to less credit, more expensive credit, and fewer jobs. that is what this is all about. i yield back. >> the gentlewoman from illinois. >> thank you. i am concerned about the fact that we did not receive this amendment. i can remember when tarp first came up in the house and the first bill really did not have the accountability. most of us voted against it. then there is this crisis if the market was going to change, it could never recover. i can remember calling senator gregg about that in saying, how are we going to ensure that there is accountability? what he said was, the money that comes from park definitely goes to the debt. i think they've always counted on that. many of us voted for that reason. now we are going to say that the tarp moneis going to pay for this the bill. what worries me is that pete peter
this is the kind of accounting that could make bernie madoff blush. here we are, members of the united states senate and house, getting ready to pass this. i do not understnd it. it is still a tax. it is a tax that all of them is going to lead to less credit, more expensive credit, and fewer jobs. that is what this is all about. i yield back. >> the gentlewoman from illinois. >> thank you. i am concerned about the fact that we did not receive this amendment. i can remember when tarp...